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To: randy kay who wrote (31887)	12/24/1997 8:02:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE ----------------------- I indicated a few days ago that the N225(JAPAN MARKET) was a CLASS 1 BUY with the buy in point as the low on Monday which was 14569. Last night the N225 was up 126 point(.85%). Here are the candlestic stats: DAYS LOW = 14682 DAYS HIGH = 15013 OPENED AT = 14792 CLOSED AT = 14925 In light of these figures,last night's candlestick formation was a "SPINNING TOP", whereby the upper shadow, lower shadow, and body were about equal in length. A "SPINNING TOP" is normally an indication of indecision by itself, but when it occurs during a strong drop, it helps confirm the bottom for the short-term. So far my CLASS 1 is working there, but how long will it last - well I would say that it should be good for 5% gain, there after, I can't tell yet. KS11(KOREAN MARKET) closed down 4.07% at 351. It should be kept in mind that the low is at 339 so it is still above it. Technically, it appears that it will test the 339 support line, although it could turn around at any time now since the technicals are extremely low. I am not a fundamentalist, but believe that since Korea serverely limits foreign investment, Korea's effect on the the international markets is less than that of the JAPAN and HONG KONG. Believe that effects of Korea are limited to their future reduction in their imports and that their exports will be cheaper. Losses due to direct foreign investment in Korea should be limited since they basicly do not permit it. Please correct me if I am incorrect or incomplete with my opinion . HSI(HONG KONG) was down only .25% and is 1566 points(18%) above its 52 week low. An inderesting point was that when the Korean market was down hard on Monday, the HSI was up. For most of yesterday, the DOW was down in the -20/-40 range and the strong selloff came right at 3:30. I cannot get intraday volume figures but will presume that yesterday's strong drop after 3:30 was done on very low volume and was initiated by a sell program. If that is the case, such sell-off may be misleading. I will still maintain my previous position that the lows of last Friday was the bottom and that we will not retest them, and we should still move up in the short term. Technically we should even move up today and for the rest of the year; however with the short trading days this week and low volume such may put a quirk on things. Subjectively, if the JAPAN and KOREAN markets can stabilize or move up now, which I think they will, such should help our market to continue the reversal which started last Friday. Right now the futures are up 4, so I feel we should at least have a flat day if not slightly up, but I am quite aware that strange things may happen on low volume/short trading days. Well, happy holidays and may God bless the world Donald